In line with his bold economic reform agenda, President Bola Ahmed Tinubu is delivering impressive gains in revenue generation, significantly expanding Nigeria’s fiscal space and providing the government with the resources it needs to implement people-centered policies nationwide.
Two key government revenue institutions, the Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS), and the Nigeria Customs Service (NCS), have both posted historic earnings under the Tinubu administration, a clear testament to the President’s strategic fiscal vision.
Staggering Growth in Revenue Figures
The NRS has seen a phenomenal increase in tax collection, jumping from ₦12.37 trillion in 2023 to ₦21.7 trillion, a record-setting figure that speaks volumes about the efficiency and reforms now in place.
The Nigeria Customs Service has also made history. It closed the 2024 fiscal year with ₦6.10 trillion in revenue, up from ₦3.21 trillion in 2023, representing a leap of nearly 90 percent. This is the highest revenue figure ever recorded by the agency. Even more significantly, the NCS exceeded its 2024 target by over ₦1 trillion.
Here is a look at the NCS revenue growth trajectory over the last five years:
2020: ₦1.56 trillion
2021: ₦2.24 trillion
2022: ₦2.64 trillion
2023: ₦3.21 trillion
2024: ₦6.10 trillion
Strong Fiscal and Monetary Direction
Globally, governments rely on two major streams of revenue: internally generated revenue (IGR) and income from the sale of natural resources. Under President Tinubu’s watch, Nigeria is witnessing a disciplined and dynamic application of both, backed by digital transformation, enhanced compliance strategies, and institutional reforms.
The results are not only statistical achievements but real financial capacity that strengthens the federal government’s ability to fund infrastructure, social investments, and inclusive development programs across all regions.
Indeed, the Tinubu administration is not just collecting revenue; it is rebuilding the very foundation of a resilient, self-sustaining economy. This is fiscal transformation with long-term national impact.
Undeniably, Nigeria is in a new era of revenue efficiency and growth.
